The Round Rock (TX) Transportation and Economic Development Corp. (TEDC) approved purchase of four pieces of property surrounding the city’s downtown water tower. Additionally, the board voted to approve a memorandum of understanding with developer Pearlstone Holdings for development on that property.

The properties acquired by the TEDC include 102 and 106 N. Mays St., and 103 and 105 W. Liberty Ave.

According to the MOU, the proposed project would include 76,000 square feet of office space and approximately 9,600 square feet dedicated to retail. Also proposed are 140 rooms and meeting facilities, as well as 372 parking spaces.

The MOU is subject to change, according to city attorney Steve Sheets.